NEW YORK, Jan. 03, 2025 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against PACS Group, Inc. (“PACS Group”, or the “Company”) (NYSE: PACS) for violations of the federal securities laws on behalf of investors who purchased or acquired PACS Group common stock: (a) at the time of the Company’s Initial Public Offering (“IPO”) on April 11, 2024, and (b) between April 11, 2024 and November 5, 2024, inclusive (the “Class Period”).

On November 11, 2024, a complaint was filed against the Company, certain of its current officers and directors, and underwriters, alleging that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) that the Company engaged in a “scheme” to submit false Medicare claims which “drove more than 100% of PACS’ operating and net income from 2020 – 2023”; (2) that the Company engaged in a “scheme” to “bill thousands of unnecessary respiratory and sensory integration therapies to Medicare”; (3) that the Company engaged in a scheme to falsify documentation related to licensure and staffing; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

When investors learned the truth, PACS Group’s common stock declined precipitously, injuring investors.

If you suffered a loss of more than $100,000 in PACS Group’s securities, and wish to participate, or learn more, click here, or please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).

Any investor who wishes to serve as Lead Plaintiff must act before January 13, 2024.

About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.

Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com 

SOURCE: Lowey Dannenberg P.C.